Cloud Nine Education Group Ltd. (CNSX:CNI) announced a non-brokered private placement of 3,792,000 units at a price of CAD 0.25 per unit for gross proceeds of CAD 948,000 on February 23, 2017. Each unit consists of one common share and one-half of one transferrable warrant. Each warrant entitles the holder to purchase one common share of the company at an exercise price of CAD 0.50 per share for a period of 18 months from the date of issue. Closing of subsequent tranches of the transaction is subject to all necessary regulatory and stock exchange approvals. All securities issued in connection with the transaction will be subject to a four-month hold period from the date of issue. On same date, the company has issued 208,000 units for gross proceeds of CAD 104,000 in its first tranche. The company intends to issue up to 3,584,000 additional units, for gross proceeds of CAD 896,000, in subsequent tranches.